Sweden-based Volvo Cars reported a fall in fourth-quarter operating profit on Thursday and said it anticipated a turbulent 2025 with challenging market conditions.
Operating profit at the company, which is majority-owned by China's Geely, was 3.9-billion Swedish crowns (R6.66bn) against a year-earlier 5.4bn (R9,230,895,000). The profit includes a 1.7-billion crown (R2.91bn) writedown related to its battery joint venture Novo Energy.
Excluding joint ventures and associates, operating profit was 6.3-billion crowns (R10.77bn), down from 6.7-billion (R11.45bn).
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